Financial Management of US Federal Subawards
The information below describes what you need to think about when you are a subawardee with US federal funds, for example funding from the NIH.
This information is for projects managed at the department. If your project is managed financially by the Post-contract office, they will provide help with the points listed below.
1. Subaward agreement
In the Notice of Award (NoA) and the subaward agreement you will find terms and conditions, and special requirements, for the project and budget, e.g. indirect cost coverage. For many projects co-financing
from the department is needed.
2. Financial compliance
3. Timesheets/effort reporting
The number of worked hours or effort within a project needs to be reported.
Please find our KI template timesheets here.
Annually an effort report also has to be submitted for all key personnel.
4. Finacial reporting/invoicing
KI has a financial report template, which includes an invoice and budget control document that can be used when requesting funding from the prime institution.
All projects should be audited at least once per period.
All federal projects are required to carry out a financial audit within 90 days of the end of each financial period. Ernst &Young are procured to carry out these audits.
6. Non-finacial reporting
The reporting requirements also include non-financial reporting.